Market Soapbox 04/15/08
TUE, bounce, DJIA +60 on tepid volume with midlin internals. All UP cept SOXX.
Bonds down BIG 10 yr yield +7bps 3.58; $ up vs 1.5788€ & vs 101.595y; WTI +2% $113.90; gold up $932; TED Spread down -2 bps 1.59%
SP500 1328 gap up open 1331, pop to 1337, drop to 1324, rise to close 1334. NDX 1790 gap up to open 1799, pop to 1802, drop to 1776, bounce to close 1794.
04/06: We sense something very nasty coming out of the woodshed, and it could be a major name brand. #4 US bank Wachovia already missed.
MON: Tomorrow perhaps a bounce? with another WWW (WaMu) reporting? Got it.
All time high: Rice & Oil $114; transports up 1% on the news? Get ready for misses from #1 S&L, #1 chipster & three of the other top five banks:
JPMorgan, WaMu, Wells Fargo, Intel and Sillybank (Citigroup).
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
Bonds down BIG 10 yr yield +7bps 3.58; $ up vs 1.5788€ & vs 101.595y; WTI +2% $113.90; gold up $932; TED Spread down -2 bps 1.59%
SP500 1328 gap up open 1331, pop to 1337, drop to 1324, rise to close 1334. NDX 1790 gap up to open 1799, pop to 1802, drop to 1776, bounce to close 1794.
04/06: We sense something very nasty coming out of the woodshed, and it could be a major name brand. #4 US bank Wachovia already missed.
MON: Tomorrow perhaps a bounce? with another WWW (WaMu) reporting? Got it.
All time high: Rice & Oil $114; transports up 1% on the news? Get ready for misses from #1 S&L, #1 chipster & three of the other top five banks:
JPMorgan, WaMu, Wells Fargo, Intel and Sillybank (Citigroup).
Often wrong, but never in doubt, this is the Nattering Naybob and you're not.
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